- Michael van de Poppe believes that BTC will climb above $25K in March.
- Bitcoin will rally if the current price consolidation plays out as popularly expected.
- A varying opinion suggests it may be difficult for Bitcoin to climb back above $23,000.
The famous Bitcoin trader Michael van de Poppe believes that BTC has the potential to climb above $25,000 in March. According to him, this will be the case if the current price consolidation plays out as popularly expected.
Van de Poppe’s projection comes after the BTC bounced off a local low of $21,376. That happened after a pullback from this year’s high of $24,258.
After starting the year at $16,530, Bitcoin price embarked on a steep rally to reach the year’s high of $24,258 in four weeks. The nature of the rally raised a few doubts among traders, some of whom expected prices to have fallen lower before a confirmed bullish run.
So far, the Bitcoin price development and associated macroeconomic factors have moved many users to believe that a bottom is already in place and prices set for more upward discoveries.
Bitcoin gained 47.56% in its initial rally in January 2023. After reaching the year’s high, the price withdrew by 11.83%, dropping as low as $21.376. The price has bounced off the support and is trading at $22,490 as of the time of writing.
Bitcoin’s current price remains in a range Van de Poppe describes as price consolidation. From his displayed chart analysis, the consolidation region falls between $21,258 and $23,326. He also thinks that Bitcoin price must hold above $21,000 for the bullish sentiment to remain, noting that Bitcoin price would rally toward the $25,000 mark in the event of an upside breakout.
Varying opinions followed Van de Poppe’s prediction, with some analysts favoring further downward price movements. A Twitter user with the identity VIPeez Crypto expressed his reluctance for a rally at Bitcoin price. He responded to Van de Poppe by suggesting that it may be difficult for Bitcoin to climb back above $23,000. According to him, the inability to break above $23,000 would see Bitcoin drop lower, even below the local low of $21,376.
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